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find the perfect decision of all types and for the expected value P1=0.5 P2=0.3 P3=0.3 Example: Burger Prince Burger Prince Restaurant is contemplating opening a
find the perfect decision of all types
Example: Burger Prince Burger Prince Restaurant is contemplating opening a new restaurant on Main Street. It has three different models, each with a different seating capacity. Burger Prince estimates that the average number of customers per hour will be 80, 100, or 120. The payoff table for the three models is as follows: Average Number of Customers Per Hour Si = 80 S2 = 100 Model A $10,000 $15,000 $14,000 Model B $ 8,000 $18,000 $12,000 Model C $6,000 $16,000 $21,000 Sz = 120 find the perfect decision for each type of approaches: Maximax, Maximin, Realism (a=0.45), equally likely. Minimax Regret, and Expected value. Example: Burger Prince Burger Prince Restaurant is contemplating opening a new restaurant on Main Street. It has three different models, each with a different seating capacity. Burger Prince estimates that the average number of customers per hour will be 80, 100, or 120. The payoff table for the three models is as follows: Average Number of Customers Per Hour Si = 80 S2 = 100 Model A $10,000 $15,000 $14,000 Model B $ 8,000 $18,000 $12,000 Model C $6,000 $16,000 $21,000 Sz = 120 find the perfect decision for each type of approaches: Maximax, Maximin, Realism (a=0.45), equally likely. Minimax Regret, and Expected value and for the expected value P1=0.5 P2=0.3 P3=0.3
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